Republicans and farmers alarmed as Trump trade wars grow

28 July, 2018, 12:33 | Author: Sara Gill

Given that the EU has long pursued the use of non-tariff trade barriers even among close trading partners including the United States while European industries are among the most subsidised in the world, this represented an nearly complete capitulation to Donald Trump in the face of large scale tariffs on EU goods along with the added threat of a 20% tariff on Europe auto imports to the American market.

USA import tariffs of 25 per cent on steel and 10 per cent on aluminium imposed in March will remain in place during the talks, but Mr Juncker added: "It is the first time the Americans agreed to reassess the measure that they have taken in the steel and aluminium sector".

For instance, the USA said in May it had trade war with China on hold as both countries agreed to execute a framework for increasing US's agriculture and energy exports after high-level talks in the same month.

"I don't know a single person that has read this report that thinks it's a stupid fight to say China should not be able to come in and steal the future of American industry".

"The European Union is going to start nearly immediately to buy a soybeans from our farmers in the Midwest primarily", he said.

"And a lot of farmers aren't as well", Rep. David Young, R-Iowa, told CNN's Alisyn Camerota on "New Day", ahead of the President's visit to Iowa later in the day.

Juncker said he flat out rejected such a move, "cognizant of the situation in Europe, not only in France but also in Belgium, in Ireland, also in Luxembourg and anywhere else", he added.

"President Trump is escalating his trade rhetoric, threatening China and Europe with more tariffs on more goods if they don't agree to his terms".

Dr Patrick Cronin, senior director for the Asia-Pacific programme at the Centre for a New American Security, told The Straits Times: "Europe and the United States are back on the same team with respect to free and fair trade".

Mr. Trump also won a commitment to work together to reform the World Trade Organization to address some of his complaints about China on theft of US technology, the behavior of state-owned enterprises, and overcapacity in steel.

The money is aimed at shielding farmers from US President Donald Trump's disputes with China and other leading trading partners.

French Finance Minister Bruno Le Maire said that Paris was waiting for "acts of goodwill" from the US Administration.

"Take energy: In 2016, the first USA boat exporting American liquefied natural gas docked in the coast of Portugal". Now, the goal with the European Union is zero tariffs on industrial goods, with the exception of cars.

The US and European Union, which have a US$1 trillion bilateral trade relationship, would also work together to reform the WTO and reduce unfair trade practices.

Taken in totality, while Trump has achieved what looks to be a good deal with the European Union regarding trade, the US Congress is working simultaneously to calm Trump's trade war with China. According to the sources, during the talks, the parties discussed increasing the supply of USA liquefied natural gas to Europe. It responded with retaliatory tariffs on USA goods.

Trump had threatened large tariffs on European cars.

The administration on Tuesday unveiled the largest emergency farm aid package since 1998, dipping into a Great Depression-era program that will pay up to $12 billion starting in September to help USA farmers weather losses.

Agriculture Secretary Sonny Perdue said the impact of lower soy prices and the loss of Chinese buyers would likely cost farmers some $11 billion - an amount that will be covered via direct payments to farmers, government purchases of some products for food assistance programs and trade promotion.

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That puts farmer assistance below the amounts that would trigger complaints before the World Trade Organization , the USDA said. Trump also has been under pressure from farm state lawmakers to back away from imposing tariffs.

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